Peel has added to its firepower in prime industrial with the formation of Peel Logistics Property UK Logistics Venture, a partnership between Peel Logistics Property and Ivanhoé Cambridge.

The vehicle, to be known as UKLV, is 80% owned by the overseas partner, with Peel supporting with a 20% co-investment.

The initial portfolio consists of three recently developed North West assets: PS280, a 280,000 sq ft facility at Port Salford let to Great Bear, the 50,000 sq ft Rhenus headquarters also at Port Salford, and L175 at Liverpool International Business Park, close to Liverpool John Lennon Airport.

The JV said that it will have “significant investment capacity for high quality UK logistics property assets,” focusing on institutional quality developments in key UK logistics hubs. A Peel spokesman declined to put a value on the pipeline of opportunities it is looking to pursue.

Jeremy Greenland, chief executive of Peel Logistics Property, said: “We are very pleased to launch Peel Logistics Property’s first investment venture and create this new partnership with Ivanhoé Cambridge.

“With significant investment capacity and the ability to pursue development, value‐add and core investments, UKLV will be well placed to capture the opportunities and strong long‐term dynamics we see in the UK logistics property sector.”

Arnaud Malbos, senior vice-president of investments at Ivanhoé Cambridge Europe, added: “This new partnership with Peel Logistics Property in the UK confirms Ivanhoé Cambridge’s commitment to increasing its investments in logistics property globally. We are pleased to be working with the Peel Logistics Property team and have great ambitions for the venture.”

Macquarie Capital (Europe) advised Peel Logistics Property on the establishment of UKLV. Macquarie provided funding for the establishment of Peel Logistics in 2015, when it was set up as a new brand for the major industrial sites within Peel’s airports and ports divisions. Greenland became chief executive in 2016 when Peel Logistics was merged with his Evander Properties business.

In November 2016, Ivanhoé and partner TPG Real Estate sold P3, the European logistics parks business it had bought in 2013, for €2.4bn.